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Today I received a number of emails from really smart people who are good traders. They wondered why, with the Empire State Index and the TICs data (Treasury International Capital) coming out, that we did not see more movement. The answer is easy.

Mondays stink.

Mondays generally have no econ reports (today excepted). Traders on Monday's New York session seem to wait, week in and week out, for someone else to move first. By Tuesday, things start to pick up and we get some activity. But Mondays are just harder to trade during the New York session. You can save yourself a lot of grief by not trading on Mondays.

Why do people still do it? Some trade on Mondays because they have a tested system that works. That's fine, of course. But most people trade on Mondays because they can't stop themselves. They are so anxious to trade after two days off that they just go nuts. More forex profits are lost on Mondays and Fridays than any other days. Why? Because those are the emotional days -- Mondays because of trader anxiety/addiction, and Friday because of greed. More on Friday some other time.

I'm going to go make some trades.